Weekly insights, news and analysis for the professional investor By Marc Hochstein, Executive Editor August 8, 2021 Sponsored by Prices as of 08/8/21 @ 8 a.m. UTC If you were forwarded this newsletter and would like to receive it, sign up here.
Writing this newsletter after our former colleague, the mighty Noelle Acheson, and CoinDesk Research stalwarts Galen Moore, Christine Kim and George Kaloudis, I know how the Monkees must have felt when they went onstage after Jimi Hendrix.
A little bit about me: I’ve covered various corners of the financial world as a journalist for a quarter century, so I know a thing or two about what institutional investors care about. I started taking bitcoin seriously a decade ago, long before most people in polite society would give it the time of day, so I have a basic grasp of the asset class, as well. Below, in this week’s Briefing, I discuss how hard it’s historically been to measure relative value in crypto, and how that’s starting to change. After that, you’ll find a roundup of this week’s most relevant reads – and listens, for all you podcast fans – for institutional investors in the digital asset market. Feedback welcome – simply reply to this email. Enjoy the rest of your Sunday. – Marc Hochstein, Executive Editor
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THE BRIEFING Pop quiz: If Bank of America stock is trading at $39, and Wells Fargo’s shares are changing hands at $47, which one is cheaper?
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CHAIN LINKS GoldenTree Asset Management, a $45 billion asset manager, has added bitcoin to its balance sheet. TAKEAWAY: GoldenTree is leaning into crypto markets and considering hiring investment experts in digital assets. GoldenTree has traditionally been focused on credit and fixed income strategies, but may be opening its doors for more speculative investment strategies.
Arca launched an actively managed digital asset yield fund, targeting low double-digit returns. TAKEAWAY: Large funds and institutional investors are interested in earning high yields from decentralized finance (DeFi) tokens and applications. Active management is one way for investors to make the most of a highly speculative market with variable returns.
Bitwise, a $1 billion asset manager, launched crypto funds for decentralized finance tokens Aave (AAVE) and Uniswap (UNI). TAKEAWAY: The interest likely comes from crypto-focused hedge funds already in the market. Bitwise’s new AAVE fund already has around $100 million in commitments.
U.S. Securities and Exchange Commission Chairman Gary Gensler announced that he won’t take a hands-off approach to regulating the crypto markets, citing the need for investor protection. TAKEAWAY: Gensler was formerly a ‘Blockchain and Technology’ professor at the Massachusetts Institute of Technology. There were no near-term plans announced, but the SEC chairman could bring positive regulatory clarity to the industry.
– Teddy Oosterbaan
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The dynamic crypto mining industry has been even more active following China's crackdown. The global hashrate has largely shifted to North America, making the U.S. a key mining hub where institutions now take central stage.
In this sponsored webinar on Aug. 10, Foundry CEO Mike Coyler explains how this new demographic of miners have special requirements, which the company has been catering to through its rapidly growing Foundry USA Pool and other services.
Podcast episodes worth listening to:
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Even though many countries in the Middle East restrict or outright ban activities related to blockchain technology, the region is having its crypto moment. From Dubai’s first-of-its-kind Bitcoin Fund listing to the Bank of Israel’s trial of a digital shekel, interest is picking up in the region as crypto companies work closely with regulators in the Middle East and North Africa (MENA) to gain some clarity about oversight of digital currencies.
Join us as we jet-set through the Middle East on our #CryptoState2021 virtual tour and explore how different markets are thinking about crypto, their roadblocks and challenges, and crypto’s impact on the region. Register for the Crypto State: Middle East virtual tour on Aug. 11.
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